Local Market Update – December 2018

The Real Estate market continued to improve for buyers in November.  Interest rates dropped slightly, price increases slowed and inventory soared. It is important to note that inventory increases, while significant, are being compared to the record low supply of last year. We’re still far short of the inventory needed for a truly balanced market, however buyers have greater choices and less competition than they’ve had in years. Sellers who price their home according to current market conditions continue to see strong interest. Heading into the holiday season, there’s something for everyone to celebrate.

Eastside

>>>Click image to view full report.

The Eastside economy continues to be very strong. Heavy investment in commercial construction from companies such as Vulcan boost expectations that the area will continue to thrive.  The median price of a single-family home in November hit $885,000 on the Eastside. Although an increase of 4 percent from a year ago, home prices have remained steady since this fall. With continued demand and only 2.4 months of inventory, the market has a long way to go to becoming balanced.

King County

>>>Click image to view full report.

Price increases continued to slow in King County. The median single-family home price was $643,913 in November, an increase of 2 percent over a year ago. South King County, where the most affordable homes in the county are located, saw significantly greater increases compared to a year ago. North King County also posted greater increases than the county overall. Inventory has skyrocketed as the number of homes for sale in King County more than doubled year-over-year. While that’s good news for buyers, there is only 2.1 months of available inventory in the county, slightly down from October and not nearly enough to meet demand.

Seattle

>>>Click image to view full report.

The median price of a single-family home in Seattle was $760,000 in November. This is up 3 percent from a year ago and slightly up from October. Inventory jumped 177 percent year-over-year however, at just two months of supply, the Seattle area has the tightest inventory in King County. With the city’s strong economy and lifestyle appeal, that’s not expected to change any time soon. Forbes recently named Seattle as the best place for business and careers in the nation. U.S. News & World Report ranked the University of Washington among the top ten universities in the world with Money Magazine rating Seattle the #5 Best Big City to Live In.

Snohomish County

>>>Click image to view full report.

Inventory in Snohomish County continued to climb, surging 88 percent in November as compared to a year ago. That said, the area has fewer homes for sale than King County with just 1.8 months of inventory. This is still far short of the four to six months of supply that is considered a balanced market. The median price of a single-family home sold in November was up 6 percent from last year to $470,000, virtually unchanged from October.

This post originally appeared on the WindermereEastside.com blog.

Posted on December 13, 2018 at 10:02 am
Marilena Sirbu | Category: Local Market Update | Tagged , , , , , , , , , ,

Challenges Builders Face With New Construction

Housing demand remains high across the Western United States, but home-building is still struggling to keep up. What can be done to help encourage construction of new homes? Windermere Real Estate’s Chief Economist Matthew Gardner has insight.​

Posted on September 26, 2018 at 11:30 am
Marilena Sirbu | Category: Local Economy | Tagged , , , ,

Refreshing Your Home and Your Spirit With Seven Easy Steps

The yearning to move lives in the spirit of many homeowners, but that desire for something new is often at odds with what feels feasible. That sense of newness needn’t come from a dramatic uprooting, however. The great part about having a home of your own is you can make improvements and give your home a chance to evolve over time. You just need to help your home live up to its potential!  We picked seven of our favorite improvements to help you make the most of your home.

    1. Find your home’s purpose. Each home is as unique as its owners, so in order to fully utilize your home, consider how you view your home’s purpose. Some people like to entertain, others find it a calm space in the frenzy of daily life; some nurture their families and others nurture their creativity. Your home’s purpose can be any combination of these and more, but it helps to consider the function of your space in order to ultimately find its purpose.
    2. Assemble a list. A list always helps me figure out where to start or prioritize what is the most important project. Think about what you want to change in your home, inspirations, and preferences.
    3. Make an “inspiration board”. An “inspiration board” is a great way to visualize your home’s decor. You can create a board online with a tool like Pinterest to organize ideas you love or you can do it the old fashioned way with a board, magazine cutouts, color swatches, and fabric samples. Doing this will allow you to see all the elements you like in one place so that you can then tie it all together into a room you love.
    4. Create a collection. If you have items that you like to collect, think about how to transform that collection into something you can display. If you don’t already have a collection of loved objects think about what this collection would be for you. You can center a room design around your travel souvenirs, old camera collection, figurines, unique plates, or familial objects. Adding to this collection over time can be a great way to keep your spaces new while maintaining a personal feel to your decor.
    5. Choose a new palate. Shake up your sensibilities and think of a color that will compliment your room while making a statement. It’s easy to fall into the white/beige standby to keep our rooms neutral, but sometimes a color that provides a contrast to your décor will make the room pop.
    6. Rearrange. Moving furniture around is another easy way to reinvent your space. Try placing your sofa on an angle to open up your entertaining room or move your lamps to improve lighting. You can also think about moving a piece of furniture into a room to give it new life, like using a unique dresser for a credenza or a chair as a side table.
    7. Find design motivation. Home design evolves over time and can be sustained by finding items that inspire you. Read magazines and books that inspire your interests in architecture, design, art, etc. Or find stores and flea markets that sell pieces that influence your aesthetic. Or bring a camera with you when you’re doing your favorite activities and bring back memories or inspirations. Most of all have fun!

This post originally appeared on the Windermere.com Blog.

Posted on August 14, 2018 at 1:20 pm
Marilena Sirbu | Category: Home Ownership | Tagged , , , , , , , , ,

Building Your Home’s Amenities Into Experiences

The value of a home is more than what it can be bought and sold for – it also lies in how it makes you feel. Security and comfort are vital components, as well as convenience; however, what many buyers are looking for in a home in 2018 are amenities that deliver a luxury experience. With that in mind, we decided to take a look at a few ways a home can add an “experience” that sets itself apart.

Indoor-Outdoor Pools

18884 SE 42nd Street Issaquah, WA 98027

MLS #1284016 | Presented By Karl Lindor & John Kritsonis

 

  • In much of the country, an outdoor swimming pool isn’t that uncommon. The simple luxury of a private space for recreation can be the centerpiece of a home’s charm.
  • Expanding that possibility is the indoor-outdoor pool, which segments a pool into a covered, indoor region, as well as an outdoor area.
  • Anyone who loves spending time in the water but lives in too cool a climate to use a pool year-round can enjoy an indoor oasis in the winter that flows seamlessly into an outdoor space in the warmer months.

Creative Wine Cellars

Credit: Spiral Cellars / SpiralCellars.com

 

  • Who among us wouldn’t love a wine cellar? It’s an opportunity for self-expression that echoes back upon centuries of vintage creativity.
  • Not every home has the space to build a traditional wine cellar, but a bit of creativity can open the door to other possibilities.
  • The underground, spiral cellar, as pictured above, is one way to add a stylish centerpiece to your home that will undoubtedly create a unique experience for your guests.

Outdoor Home Theater

Outdoor Movies

Credit: Pinterest / Realtor.com

 

  • The indoor home theater is far from passé but building upon that experience with an outdoor theater can take your movie nights to the next level.
  • The key to this design is versatility. If you live in a sun-kissed state you can construct a lightly covered space for viewings. An artful canopy or raised trellis can be the enclosure.
  • Wetter or dustier climates pose a greater challenge, but a retractable awning is a multi-functional feature that can transform your yard into a private cinema no matter the weather.

 

This post originally appeared on the Windermere.com Blog.

Posted on July 9, 2018 at 10:44 am
Marilena Sirbu | Category: Home Ownership | Tagged , , , , , , , , , , , , , , , ,

Three Deck Design Ideas To Get Your Yard Ready For Summer

A delightfully warm spring in many parts of the Western U.S. has many folks brushing off their summer clothing early. While this is exciting for all who love the outdoors, public spaces like parks and beaches may be overcrowded. What better time, then, to focus on ways to maximize the space you have in your own home. There’s no one ideal way to design or set up your deck, but we’ve put together a few of our favorite ideas to help inspire your next redesign.

Multi-level Decks

 

Credit: H. Camille Smith / HGTV

Credit: H. Camille Smith / HGTV

 

  • Especially if your square footage is limited, tiering your deck into multiple levels is a great way to incorporate extra outdoor space into your home.
  • By separating your deck into multiple levels, even slightly, you can create a cozy sense of separation between spaces.
  • Give yourself options for privacy. Depending on your property, the base level of your deck may be below your fence-line. If you have a view you’d like to enjoy with your barbecue, consider a second tier.

Built-in Seating

Credit: lizmarieblog.com

Credit: lizmarieblog.com

 

  • A simple way to save space and hassle is to build in your seating spaces during your deck’s construction.
  • It’s important to consider what you will predominantly be doing on your deck. Lounging while reading? A corner bench is a great fit and can be outfitted comfortably. Potlucks and cookouts? Consider higher benches or fences with wide tops for easy plate placement.
  • Consider your environment. If your deck will weather rain, sand, or wind consistently, don’t write off surfaces like brick and concrete, which can be framed as appealingly as wood or other stone.

Custom Lighting

Credit: istikharawazifa.com

Credit: istikharawazifa.com

 

  • As the sun fades, your deck’s utility can shine or fade with it. Including discreet lighting within the construction of your deck is a small step that can pay huge dividends.
  • Increasingly popular low-voltage systems have made a well-lit backyard and deck drastically more affordable.
  • Depending on your location, solar powered lighting is a worthwhile investment that can help accentuate your stairs, fences, and other outdoor decorations.

This post originally appeared on the Windermere.com Blog. 

Posted on May 29, 2018 at 4:29 pm
Marilena Sirbu | Category: Home Ownership | Tagged , , , , , , , , , ,